Key benchmark indices edged higher in early trade on firm Asian stocks. The barometer index, the S&P BSE Sensex, was up 141.69 points or 0.7%, up close to 150 points from the day's low and off about 10 points from the day's high. Index heavyweight and cigarette major ITC edged higher in early trade. Another index heavyweight Reliance Industries (RIL) also gained. The market breadth, indicating the overall health of the market, was strong.
Coal India rose ahead of its standalone FY 2013 results today, 20 May 2013. PTC India Financial Services (PFS) declined on weak Q4 results. ACC gained after the company said that the Competition Appellate Tribunal (COMPAT) has passed an order granting the stay on a penalty of Rs 1147.59 crore imposed by the Competition Commission of India on the company.
Foreign institutional investors (FIIs) bought shares worth a net Rs 867.93 crore on Friday, 17 May 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 141.69 points or 0.7% to 20,427.81. The index rose 150.03 points at the day's high of 20,436.15 in early trade. The index fell 8.36 points at the day's low of 20,277.76 in opening trade.
The CNX Nifty was up 32.65 points or 0.53% to 6,219.95. The index hit a high of 6,225.40 in intraday trade. The index hit a low of 6,195.25 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 674 shares advanced and 260 shares declined. A total of 32 shares were unchanged.
Among the 30-share Sensex pack, 25 stocks rose and the rest of them fell. Tata Steel, Bhel and Hindalco Industries gained by 1.32% to 1.35%.
Index heavyweight Reliance Industries (RIL) rose 0.43% to Rs 838.
Index heavyweight and cigarette major ITC rose 1.58% to Rs 340. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013. The company's net profit rose 19.43% to Rs 1927.98 crore on 19.12% growth in total income to Rs 8511.38 crore in Q4 March 2013 over Q4 March 2012. The result was announced during market hours on Friday, 17 May 2013. ITC's net profit rose 20.38% to Rs 7418.39 crore on 18.74% growth in total income to Rs 30839.97 crore in the year ended March 2013 over the year ended March 2012.
On a consolidated basis, ITC's net profit rose 21.57% to Rs 7608.07 crore on 19.02% growth in total income to Rs 32505.14 crore in the year ended March 2013 over the year ended March 2012.
ITC's board of directors at its meeting held on Friday, 17 May 2013, recommended a dividend of Rs 5.25 per share for the financial year ended 31 March 2013.
Coal India rose 1.51% ahead of its standalone FY 2013 results today, 20 May 2013.
ABB declined 2.79%. The company on Saturday, 18 May 2013 denied market rumors that it is planning to delist from the stock exchanges after it checked with its majority shareholder who has confirmed to the company there is no intention to buy additional shares and thus commence the de-listing process.
PTC India Financial Services (PFS) declined 1.51% on weak Q4 results. The company's net profit fell 61.7% to Rs 24.23 crore on 33.6% decline in total income to Rs 77.07 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 17 May 2013.
PFS' net interest income (NII) surged 66% to Rs 41.60 crore in Q4 March 2013 over Q4 March 2012. Net interest margin (NIM) decreased to 8.12% in Q4 March 2013, from 8.79% in Q4 March 2012. Spread in Q4 March 2013 improved to 5.42%, from 4.76% in Q4 March 2012. NII considered for NIM does not include interest income of Rs 1.46 crore earned on temporary surplus funds, included in other operating income of Rs 7.34 crore for Q4 March 2013, PFS said in a statement.
The company's cost of funds stood at 8.18% in Q4 March 2013, as against 9.89% in Q4 March 2012.
PFS' total effective debt sanctioned surged 58% to Rs 9999 crore as on 31 March 2013, from Rs 6335 crore as on 31 March 2012. Total outstanding debt registered a growth of 81% at Rs 2296 crore as on 31 March 2013, from Rs 1266 crore as at 31 March 2012.
PFS' net profit fell 32.4% to Rs 104.16 crore on 6.7% decline in total income to Rs 286.52 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Commenting on the company's performance, Mr. Deepak Amitabh, CMD, PFS said, We are happy to announce a healthy set of results for the quarter and year ended 31 March 2013. PFS continues to deliver superior spreads on the back of high yields on one hand and optimal cost of funds on the other. The company is also judiciously growing its loan book while maintaining nil NPAs. The profit after tax (PAT) for FY 2013 stands at Rs 104.16 crore, compared to Rs 154.04 crore in FY 2012. Excluding profit on sale of equity investments, PBT and PAT have grown by 109% and 111% respectively in FY 2013. Excluding profit on sale of equity investments during previous year, the return on networth has increased to 8.6% in FY 2013 compared to 4.51% in FY 2012.
PFS' board of directors at a meeting held on Friday, 17 May 2013, recommended final dividend of 40 paise per share for FY 2013.
ACC gained 0.56% after the company said after market hours on Friday, 17 May 2013, that the Competition Appellate Tribunal (COMPAT) has passed an order granting the stay on a penalty of Rs 1147.59 crore imposed by the Competition Commission of India on the company relating to the competition law proceedings started in 2010 which aimed at investigating the conduct of several leading cement manufacturers in India including ACC. The stay on order was with condition that company will deposit Rs 114.76 crore which is 10% of the penalty amount within 4 weeks.
Dhanlaxmi Bank jumped 3.12% after the company reported net profit of Rs 28.66 crore in Q4 March 2013, as against net loss of Rs 86.51 crore in Q4 March 2012. Total income rose 1% to Rs 369.25 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 17 May 2013.
The bank's ratio of net non-performing assets (NPAs) to net advances increased to 3.36% as on 31 March 2013, from 2.93% as on 31 December 2012 and 0.66% as on 31 March 2012. The ratio of gross NPAs to gross advances increased to 4.82% as of 31 March 2013, from 4.19% as on 31 December 2012 and 1.18% as on 31 March 2012.
The bank's capital adequacy ratio (CAR) as per Basel II norms stood at 11.06% as on 31 March 2013, as against 11.58% as on 31 December 2012 and 9.49% as of 31 March 2012.
Dhanlaxmi Bank's provisions and contingencies jumped 177% to Rs 32.88 crore in Q4 March 2013 over Q4 March 2012.
Dhanlaxmi Bank reported net profit of Rs 2.62 crore in the year ended 31 March 2013 (FY 2013), as against net loss of Rs 115.63 crore in the year ended 31 March 2012 (FY 2012). Total income declined 7.5% to Rs 1422.30 crore in FY 2013 over FY 2012.
As per the Q4 results calendar, L&T unveils Q4 results on 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Asian stock markets edged higher on Monday boosted by US equities hitting record closing highs on Friday as encouraging economic data prompted investors to buy into growth companies. Key benchmark indices in China, Hong Kong, Indonesia, Japan, and South Korea rose by 0.05% to 1.7%. Key benchmark indices in Singapore and Taiwan fell by 0.04% to 0.06%.
US stocks rose on Friday, advancing to a fourth weekly gain, with both the Dow Jones Industrials Average and the S&P 500 at their all-time closing high as gauges for leading indicators and consumer sentiment advanced more than estimated. The index of U.S. leading indicators climbed in April, a rebound from March that suggests the world's largest economy may be poised for further expansion. The Conference Board's gauge of the outlook for the next three to six months climbed 0.6% last month after falling a revised 0.2% in March that was steeper than previously reported, the New York-based group said. Americans' confidence in the economy climbed in May to the highest level in almost six years as rising real estate values and record stock prices boosted household wealth.
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